Peterborough city council has endorsed a financial framework for a proposed new Multi-Use Sport and Event Centre, committing roughly one-third of the projected cost while directing staff to seek outside funding for the remainder.
Council voted to support a plan that would see the city commit about $57 million toward the estimated $170-million project, which is intended to replace the aging Peterborough Memorial Centre.
Under the motion approved Monday, staff have been directed to prepare a financing plan for the city’s share, including proposed amendments to Peterborough’s debt limit, and begin actively pursuing the remaining two-thirds of the cost — about $114 million — through senior levels of government, private sector partnerships, fundraising, sponsorships, naming rights and other non-debt sources.
Council also directed staff to report back on non-debt funding options and pre-committed $1.7 million in the 2027 budget for a project manager, site studies and preliminary consulting work.
The proposed venue, known as the Multi-Use Sport and Event Centre, would be built on the city’s former bus garage site on Townsend Street, a location council previously approved as its preferred site.
The MUSEC project has been under discussion since 2018 and has been the subject of multiple feasibility studies examining costs, timelines, site selection and the long-term viability of replacing the 70-year-old Memorial Centre.
City staff have estimated the total cost of the project at approximately $170 million, including construction, soft costs and contingencies.
A report presented to council outlined several financing scenarios, ranging from abandoning the project entirely to fully debt-financing the entire build.
Among the options reviewed were limiting the city’s contribution to $30 million and seeking private partners, financing the full cost through debt, using a combination of asset sales and borrowing, or proceeding with a one-third municipal contribution while seeking support from outside partners.
Council opted for the latter, which staff identified as a middle-ground approach that allows the project to move into a more advanced planning phase while preserving flexibility and limiting the city’s direct exposure.
The report noted that fully debt-financing the project would place significant pressure on the city’s tax base, long-term borrowing capacity and credit rating, while a partial contribution paired with outside funding was considered the more financially sustainable path.
The new event centre is intended to replace the Peterborough Memorial Centre and support economic development, tourism and community recreation, while serving as a long-term anchor for downtown revitalization.
